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"· Downhole pressure data has been acquired and is currently being interpreted to further inform these decisions"
Moving along in stages. EWT ongoing. All the pieces coming together. Roll on the CPR !
Note; They will of course continue to monitor the well. Always.
Well worth another read.
16 December 2021
Union Jack Oil plc
("Union Jack" or the "Company")
Operational and Financial Update
Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company, notes that the Operator ("Egdon Resources plc") of several projects in which the Company holds material interests has today updated the market on their progress.
Union Jack is pleased to publish the highlights of this operational review and a financial update;
Wressle PEDL180/182 (Union Jack 40% interest)
· The Wressle-1 well continues to comfortably exceed initial expectations of 500 barrels of oil per day (gross) since the successful completion of the proppant squeeze and subsequent coiled tubing operations on 19 August 2021
· Works completed to upgrade the gas incineration system
· Production site upgrades ongoing
· Well flowing under a highly restricted choke of 20/64 of an inch
· Well has produced high quality oil at a constrained rate during ongoing upgrades at an average rate of 666 barrels of oil per day ("bopd") following the upgrade of the gas incineration system (266 barrels net to Union Jack) plus 368,000 cubic feet of gas (147,200 cubic feet net to Union Jack) over the past seven days, equating to a gross 727 barrels of oil equivalent per day
· Zero formation water produced to date
· Secondary separator system has been designed and manufactured and is expected to be installed before the year end to optimise gas/oil separation
· Early 2022 will see completion of testing of the full potential of the well
· Decisions will be made in Q1 2022 on the plateau production rate, to match with longer-term operational objectives and prudent reservoir management
· Downhole pressure data has been acquired and is currently being interpreted to further inform these decisions
· Focus during 2022 will move to progressing the optimal method of gas monetisation and finalising plans for the development of other hydrocarbon bearing zones to access the identified material contingent resources, with particular focus on the *****tone Flags reservoir
Note: Up to date photo images of Wressle will be uploaded to the Company`s twitter feed @UnionJackOilplc from 16 December 2021.
Keddington PEDL005(R) (Union Jack 55% interest)
· An independent detailed sub-surface review of the Keddington oil field and the surrounding licence area has highlighted an opportunity to increase production via a new development side-track well for which planning is already in place
· Reservoir engineering work has been completed by ERCE confirming a target area in the south-east of the licence area which would add up to 85,000 to 120,000 barrels of recoverable oil which could be produced and monetised using the existing production equipment already in place and being utilised on site
· Well specific modelling and detailed planning will be compl
"· Downhole pressure data has been acquired and is currently being interpreted to further inform these decisions"
Acknowledging produced oil and gas to date/data released. I believe it is no stretch of the imagination to expect yet again further exceptional news. The last RNS was released with the down hole pressure data to hand. To be interpreted yes. But in progress. It all helps.
I have to say that was one very confident RNS. I would just like to say "WOW !!!"
This well is producing at multiples of the originally anticipated flow rate. No pump required on the well, all naturally flowing and zero water cut. On a highly restricted choke. To me this indicates exceptional down hole pressure.
Bring on the CPR. Shouldn't be to long now.
"DHP" V "TIME" V "RISK" REWARD" and all the data to hand and oil being sold the cash being thrown off.
About to start generating and selling electricity.
In a word success. Plenty of information/money coming into the company for me to look forward to the future with the same great enthusiasm as UJO.
“With the planned activity across our material projects, we believe that there will be a steady stream of RNS announcements, updates, research publications and reports published throughout 2022.
“Union Jack is in a sound position both operationally and financially and we look forward to the future with enthusiasm.”
Union Jack has had by pretty much any standards a very good year operationally which is by no means reflected in the share price which has underperformed significantly. You only have to look at the numbers in the update above to see that as owner of a substantial portfolio of onshore UK assets some of which are throwing off meaningful cash in particular Wressle which has exceeded all expectations. As and when it can shake off this malaise I expect the share price to rise dramatically which would be only what they deserve.
Two steps back. Cold light of day. What a fantastic RNS to awaken to. UJO share holders are assured of of fantastic return here.
You couldn't be any thing other than extremely pleased.
Well done to UJO and partners and all share holders. The present and future look fantastic for us now.
That is a beautiful RNS. They must have enjoyed putting that together. What a pleasure. So much information and so positive. Won't suit all.
Glad I am not sat on the fence.
Plenty of news due. CPR for Wressle could land any time now. I have to wonder what the sp will suddenly jump up to once it is released. $100,000 per week income, plus an increase in the pipeline ;) A decent gap up here. Several days of large % rises at least 3 consecutive days,with plenty more to follow over all.
I can see this surpassing the years high. So many people just waiting to take a position. No trades yet as such.
Just waiting for the RNS first.
So pleased that the equipment at Wressle maxed out. The production of electricity in tandem to the oil and gas already approved previously is more income for UJO.
" Revision to the Environmental Permit received, enabling the installation of a combustion plant to facilitate gas to electric generation."
From an EDR rns.
The Wressle-1 well has continued to exceed production expectations since the successful completion of the coiled tubing operations on the 19 August 2021. To date, instantaneous flow rates in excess of 884 barrels of oil per day ("bopd") along with 480,000 cubic feet of gas (c. 80 barrels of oil equivalent per day) have been achieved from the Ashover Grit on a significantly restricted choke setting (30.5/64ths) and with a high flowing wellhead pressure. Thus far, no formation water has been seen as the well continues to clean up.
Even with the excellent flow rates seen to date, the full flow potential of the well remains to be fully tested due to constraints being experienced with the gas handling equipment.
The forward plan is to remove these constraints to production and complete the testing of the well's potential before defining a plateau production rate matching the well behaviour to the installed facilities, long term operational objectives and prudent reservoir management.
We can also advise that we have now received the revision to the Environmental Permit, enabling the installation of a combustion plant to facilitate gas to electric generation and a new potential revenue stream.
Since being returned to production on 19 August the well has generated revenues in excess of £300,000 for Egdon.
The longer we test with the higher flow rates the more money in the bank.
Let the testing go on and on and on £££££££££££ YEAH BABY££££££££££££££££££££££££££££££££££££££££££££££££££££
Highlights
· Landmark US$1,000,000 net revenues generated to Union Jack since re-commencement of production on 19 August 2021
· Current daily production figures well in-excess of prognosed 500 barrels of oil per day from the Ashover Grit reservoir
· Elevated production rates maintained during well test on significantly restricted choke setting and sustained high flowing wellhead pressure
· Well is producing under natural flow
· Clean up continuing and full potential yet to be achieved
· Zero water cut
· Staged site upgrades have commenced
· Wressle production highly profitable at current oil prices
· Further development and production at Wressle can be achieved from the Wingfield Flags and *****tone Flags formations
· Gaffney Cline Competent Person's Report commissioned by Union Jack ongoing
Wed, 8th Dec 2021 07:00
RNS Number : 8898U
Europa Oil & Gas (Holdings) PLC
08 December 2021
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas
Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')
Annual General Meeting Statement
Europa Oil & Gas (Holdings) plc, the AIM quoted UK, Ireland and Morocco focused oil and gas exploration and production company, is holding its Annual General Meeting ('AGM') later today. At the meeting, Brian O'Cathain, Chairman of Europa will make the following statement:
"As we have highlighted in the past, our core focus at Europa is to deliver a balanced portfolio of both high impact exploration and existing production assets. With this in mind, the last year has proven a very busy period for the Company and we are very pleased with the operational progress that has been made. Most notably, we have delivered on our expectation of not only producing the first oil at the Wressle oil field in North Lincolnshire, but also increasing our overall production significantly.
Following the successful, incident-free proppant squeeze at Wressle, the Europa team and the PEDL180 joint venture partnership should be commended on helping to drive Europa's net Wressle production, post our financial year to 31 July 2021, to 165bopd (October 2021). This resulted in total production for Europa of 240bopd for the month of October 2021. When set against an estimated break-even oil price of US$17.6 per barrel for Wressle and current oil prices of cUS$71 per barrel, the Wressle asset has delivered meaningful revenues to the Company. With well flow continuing to "clean up", we are confident that Wressle has still to reach its full potential.
I also welcome recent comments from the Chairman of the Oil and Gas Authority, Tim Eggar, indicating that continued production and exploration of both oil and gas in the North Sea is vital to meet the UK's energy requirements. He highlighted the advantages of domestic gas production over imported LNG, emphasising it's 50% lower carbon impact when compared to imported LNG. Oil and gas still account for three quarters of the UK's energy consumption and our activities play a crucial role in ensuring continued security of supply, while transitioning to a higher penetration of renewables in the energy mix in years to come.
Hi Mirasol,
No, I am absolutely serious. The point has come were I do genuinely believe there is more going on than meets the eye here.
(isn't there always). Two steps back and all that. Just my thoughts. Not intended as a ramp. Genuinely. An opinion.
Opportunistic/Friendly/Hostile. A real possibility now at this market cap.
Could a Take over be what the BOD are trying to flag up here.
Just a thought. With the money on the books and money coming in this is way beyond an opportunity for the PI.
You never know. People are going to be looking at this market cap.
Same with EDR 6.25 MARKET CAP. They owe UJO 1 million £. Something or some one will have to give, this is Micky mouse money now. UJO could actually afford to make a play for EDR if they wanted to.
Unless the respective share prices stage a swift recovery I can see a transaction happening here. The flags are out. mmm.